Sebi Approves Four New Public Issues in India

Securities and exchange board of India ( Sebi ) approved four new public issues during the week by issuing observations to their draft documents. The four companies include Bengaluru-based IT and ITes (IT enabled services) solutions company SRIT India Limited, stock broking firm Shreni Shares Limited, glass production, design and decoration provider PGP Glass Limited and Blackstone-owned revenue cycle management company AGS Health Limited. SRIT India Limited issue will have fresh issuance of 16.8 million shares. The company has not provided its issue size in the draft documents filed with the regulator. Choice Capital Advisors will be the book running lead manager of the issue. The company aims to fund its capital expenditure and working capital with the proceeds of the issue alongside achieving yet unidentified acquisitions, other strategic initiatives and general corporate purposes. Shreni Shares Limited’s issue will be a total offer of 15.1 million total shares. The issue will be a combination of fresh issuance of 6.9 million shares along with offer for sale of 8.2 million shares. Promoters Hitesh Punjani, Nidhi Shah, Nirmal Shah and Sapna Shah will sell their stake during the offer for sale. Aryaman Financial Services Limited will be the book running lead manager of the issue. The company plans to use net proceeds of the issue to meet working capital requirements, repayment of debt and general corporate purposes. The issue size and nature of PGP Glass Limited and AGS Health Limited issues was not provided by the companies who chose to file their draft offer documents confidentially.